Miller to Replace Wiles as Trump's Chief of Staff; Nasdaq Falls Into Correction
Per WSJ's 10-Point newsletter, Stephen Miller will replace Susie Wiles as White House chief of staff, while a Nasdaq selloff erased $2.5 trillion in value.
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what happened
The Wall Street Journal's 10-Point newsletter reports that President Trump is elevating Stephen Miller, a combative adviser and architect of his immigration policies, to succeed Wiles in the post. Wiles had been viewed as a moderating voice, and according to the newsletter, big business has lost a sympathetic ear in the White House.
Miller is expected to push for wider use of executive power and a confrontational response to congressional investigations once Democrats take control of Congress after the midterm elections. On the markets side, a Thursday selloff wiped out $2.5 trillion of value from the Nasdaq Composite, pushing the index into correction territory. Hedge funds cut positions, and systematic strategies magnified the losses. The index rebounded modestly on Friday, helped by a solid jobs report.
why it matters
For markets, the combination of a policy shift in Washington and a sharp tech sell-off keeps attention on AI-linked shares and on how the new Congress will balance against the White House. The fast unwinding of positions shows how systematic selling can intensify price moves.
market impact
US tech stocks: the Nasdaq selloff and fund position cuts weigh on AI-linked shares.
- Nasdaq Composite pressure down — hedge funds and systematic trades amplified the selloff
tags
instruments
on polymarket
sources
- The 10-Point: Trump Turns to a Hard-Line Adviser as His Political Challenges Mount — WSJ Newsletter, 7 November 2026 at 12:13 UTC
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